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Global wearables technology trends & B2B Innovations

Global industrial wearables
Global industrial wearables: Technology innovations remain key in accelerating business growth
Global industrial wearables
Global industrial wearables: Technology innovations remain key in accelerating business growth. Source: Technavio.

Global industrial wearables continue to be utilized as part of broader corporate growth as manufacturers, hospitals, field management, intertwine synergies.

A recent report via BusinessWire stated global industrial wearable devices market having a value of US$ 1.5 Billion in 2017. The report also indicated the market value projected to exceed US$ 2.6 Billion by 2023, expanding at a CAGR of 9.6% during 2018-2023.

The burgeoning numbers come as the market for industrial wearable devices otherwise known as IoT technology continue to meet ramped up demand for ‘functional tools’ designed to upgrade workplace productivity, safety and efficiency of the companies in sectors such manufacturing, logistics, healthcare, lifestyle, etc.

These find industrial wearable devices are made up of highly-sophisticated electronic components which collect data, track activities, and provide customized experiences depending on the users’ needs and desires. Moreover, they are geared to aid a worker to perform the assigned task at hand with greater ease and reduce accidents related to work.

Global Wearable Technology
Projected global industrial wearables growth. Source: Variant Market Research.

Global Wearable Technology Trends: 

Along with continued growth in manufacturing, the traditional forefront where such technology first came to be implemented before crossing over to facilitate consumer needs is expected to spearhead health care technology growth. Increased utilization is anticipated as improvement in bio-sensing technology in IoT devices in measuring health parameters such as body temperature, heart rate and blood oxygen levels continue to increasingly capture the interests of hospitals and insurance vendors monitoring patients from remote locations (via internet connectivity) with the aim of lowering overall cost outlays. 

These parameters are further being utilized by companies seeking to track employee  health – linked to their employee welfare programs, thereby reducing the healthcare costs.

Further, industrial wearable devices continue to be used for real time data monitoring, workforce authentication, field management, corporate wellness and mobile workforce management. Aspects which are projected to increase their usage in different verticals, such as healthcare, IT & telecom, and manufacturing.

B2B innovation
IT innovation driving business growth and value. Image via Intel.com

Business to Business B2B Innovations: 

Also spearheading developments in business facilitation, project management and negotiation of corporate funding are business to business donor acquisitions as evidenced by one growing trend as indicated at the following website: https://www.globalfacesdirect.com/face-to-face-fundraising-approach/services/

According to the ‘business to business’ B2B mantra, a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer –  marketing to corporate donors can amplify business reach- as a continued adjunct to corporate needs seeking to further streamline projects along with the financing of such tasks. Unlike traditional investor fundraising – the door-to-door model target is earmarked to socially responsible business owners and all peripheral potential donors associated with that business.

Reinforcing the ramping of increased synergies and partnerships is a report via Forbes indicating, ‘B2B companies more than ever coming up with innovative solutions that can help businesses increase online sales’.

B2B innovation
B2B innovation

Innovating B2B practices as part of business growth:

The above developments are part of a broader strategy of sustainable business growth as manufacturers and vendors increasingly focus on the streamlining of costs, innovative funding arrangements along with meeting client demand as well as seeking out new tranches of revenue growth.

Perhaps most daunting according to a recent report via consulting outlet, McKinsey & Co is despite 84% of executives agreeing innovation is essential to business survival- only 6% of executives are ever satisfied with outcomes – further highlighting the increased stakes of business growth and identifying those conduits – such as wearable technology devices in realizing vendor growth aspirations and establishing advantages over rivals.